ETF launch teams succumbed to the dog days of summer in July with new product introductions slowing to a trickle. After a record setting first six months of the year, only seven new ETFs and five new ETNs achieved listing status during the month. The six-month introduction rate dropped to 180, second only to the 190 for the six-month period ending in June.
Product closures started to pick up in July with the delisting of four ETFs and one ETN. The dozen launches, coupled with the five closures, resulted in a net increase of just seven ETPs for the month. July ended with a total of 1,295 listed products consisting of 1,123 ETFs and 172 ETNs. The quantity of actively-managed ETFs held steady at 40.
Trading activity declined 11.9% for the month, which is inline with the 10% fewer trading days in July versus June. The number of ETFs averaging more than $1 billion in daily trading activity (the Billion Dollar Club) increased from nine to ten accounting for nearly 62% of all ETP dollars traded. SPDR S&P 500 (SPY) alone accounted for more than 34% of all ETP trading activity.
Products averaging more than $100 million of trading per day increased from 74 to 76 and accounted for more than 90% of all dollars traded. Products averaging more than $10 million of trading per day increased from 226 to 234, grabbing 98% of all ETP dollars traded. That left just 2% of the dollar volume for the remaining 1,066 products to fight over.
Assets under management were $1.11 trillion at the end of July, a slight increase of +0.8% for the month and a gain of +9.7% year-to-date.
|July 2011 Month End||ETFs||ETNs||Total|
|Currently Listed U.S.||1,123||172||1,295|
|Listed as of 12/31/2010||967||132||1,099|
|New Introductions for Month||7||5||12|
|Delistings/Closures for Month||4||1||5|
|Net Change for Month||+3||+4||+7|
|New Introductions 6 mths||140||40||180|
|New Introductions YTD||160||42||202|
|Net Change YTD||+156||+40||+196|
|Assets Under Mgmt ($ billion)||$1,091||$16.0||$1,107|
|% Change in Assets||+0.7%||+1.9%||+0.8%|
|Monthly $ Volume ($ billion)||$1,445||$23.6||$1,468|
|% Change in Monthly $ Volume||-11.9%||-10.9%||-11.9%|
|Avg Daily $ Volume > $1 Billion||10||0||10|
|Avg Daily $ Volume > $100 Million||75||1||76|
|Avg Daily $ Volume > $10 Million||224||10||234|
Data sources: AUM from National Stock Exchange, daily prices and volume of individual ETPs from Norgate Premium Data, fund counts and all other information compiled by Invest With An Edge.
New products launched in July (in chronological order), along with links to my initial analysis of each:
- First Trust ISE Cloud Computing Index Fund (SKYY) [The Wait For A Cloud Computing ETF is Over]
- iPath Long Enhanced S&P 500 VIX Mid-Term Futures ETN (VZZB) [VZZ Terminates and VZZB Fills the Void]
- iPath US Treasury 5-Year Bull ETN (DFVL) [Nine New ETPs for Week Ending 7/15/11]
- iPath US Treasury 5-Year Bear ETN (DFVS)
- IQ Emerging Markets Mid Cap ETF (EMER)
- Market Vectors CEF Municipal Income ETF (XMPT)
- MAXIS Nikkei 225 Index Fund (NKY)
- ProShares Hedge Replication ETF (HDG)
- Schwab US Aggregate Bond ETF (SCHZ)
- WisdomTree Global Real Return Fund (RRF) [Nine New ETPs for Week Ending 7/15/11]
- ETRACS Internet IPO ETN (EIPO) [New Internet IPO ETNs Do Not Participate in IPOs]
- ETRACS Monthly 2x Leveraged Internet IPO ETN (EIPL)
Product closures/delistings in July:
- iPath Long Enhanced S&P 500 VIX Mid-Term Futures ETN (VZZ) [VZZ Terminates and VZZB Fills the Void]
- FaithShares Baptist Values Fund (FZB) [FaithShares To Charge Shareholders For July Closures]
- FaithShares Catholic Values Fund (FCV)
- FaithShares Lutheran Values Fund (FKL)
- FaithShares Methodist Values Fund (FMV)
Product changes in July:
- AdvisorShares and Madrona changed the name of the three “Madrona Forward” ETFs by removing the word “Forward” effective 7/13/11. [AdvisorShares Launches New Actively Managed ETFs].
- FaithShares announced its last remaining fund, FaithShares Christian Values (FOC), would close in September with the last day of trading set for 8/31/11.
- FaithShares changed its name to Exchange Traded Concepts and the FaithShares Trust has changed its name to Exchange Traded Concepts Trust effective 7/15/11. Additionally, the prospectus supplement of 7/15/11 (pdf) announced that Yorkville ETF Holdings acquired a majority interest in FaithShares Advisors on 6/24/11.
- Guggenheim Shipping ETF (SEA) changed its index to the Dow Jones Global Shipping Index effective July 27.
- EGA Emerging Global Shares changed the names of five of its ETFs effective July 29. The new names are EGShares Brazil Infrastructure ETF (BRXX), EGShares India Infrastructure ETF (INXX), EGShares China Infrastructure ETF (CHXX), EGShares India Small Cap ETF (SCIN), and EGShares Emerging Markets Consumer ETF (ECON).
Announced Product Changes for Coming Months:
- FaithShares Christian Values Fund (FOC) intends to close and liquidate after the last day of trading on 8/31/11.
- PowerShares Active AlphaQ (PQY) and PowerShares Active Alpha Multi-Cap (PQZ) will close and liquidate after the last day of trading on 9/30/11.
Previous monthly ETF statistics reports are available here.
Disclosure covering writer, editor, publisher, and affiliates: Long XMPT. No positions in any of the companies or ETF sponsors mentioned. No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.